Including parents' names on deeds?

rabbit8587

Hi all,

I am about to buy my ex partner out of his share of our house, and to do this I need to pay about £40k, which my parents' are going to help me out with.

However, is it right for them to gift me the money and just have my own name on the deeds or for them to be included on the deeds as having a registered interest.

Surely having their own name on the deeds would make them liable for capital gains tax and may complicate the mortgage?

Does anybody know the law re common law partners? I think they are concerned that if I met someone and he lived with me for a decent length of time, then he could lay claim to 50% of the house if it was all in my name?

Thanks for your help

The house value is approx £155k

DVardysShadow

They should be on the deeds as having a charge on the house, rather than as part owners. The charge gives them rights over the property similar to those held by your mortgage lender - but the mortgage lender will only allow this if the charge has lower precedence than their own charge.

The so called 'common law' partners issue is separate - and while you should take care to protect yourself, you should not muddle this up with protecting your parents funds.

rabbit8587

thank you for clarifying, I'll do some research on this

tyllwyd

My understanding is that there isn't actually such a thing as a 'common law' partner. But a long term partner who contributes to maintaining the house etc may gain a beneficial interest in the house.

Errata

They don't need to be on the deeds, they need to place a legal charge on the house drawn up by a solicitor.
There is no such thing as a 'common law' spouse, but if a coupoe share the outgoings on a property which one of them owns then there may be a case that beneficial interest has been established.